Citadel, Boeing both win for different reasons

David Abam
May 13
3 min read

May 13th, 2025

Citadel wins lobbying effort to enforce 4-Year Non-Competes, Boeing to resume aircraft deliveries to China, and a recession outlook is trimmmed by Goldman. All this and more in today's Read It And Eat

Major Headlines
Citadel wins Florida over in non-compete showdown
Citadel has successfully lobbied for the passage of Florida’s CHOICE Act, a sweeping law that allows employers to enforce non-compete agreements for up to four years, double the previous limit. Taking effect July 1, 2025, the move marks one of the most employer-friendly shifts in U.S. labor policy. The hedge fund, led by Ken Griffin, played a central role in the law’s creation as it seeks to lock in top talent after relocating to Miami. The CHOICE Act not only extends contract terms but also shifts the burden of proof onto employees and overrides conflicting out-of-state laws — a bold stance amid federal attempts to ban such agreements. While critics call the law “radical,” Florida now leads the charge in restrictive covenants, with legal experts predicting interstate legal showdowns. Bloomberg
Goldman Sachs trims U.S. recession risk as tariff truce kicks in
Goldman Sachs has cut its U.S. recession odds to 35% from 45% following the U.S.-China trade truce. The White House suspended steep de minimis tariffs and introduced a flat $100 fee on low-value imports, reversing Trump's earlier order. Previously, tax-exempt shipments—mostly from China-based retailers like Shein and Temu—will now face moderate levies starting May 14. Reuters

China clears Boeing deliveries after trade thaw with U.S.
China has lifted its ban on accepting Boeing aircraft deliveries, Bloomberg reports, as the two nations de-escalate their tariff war. Domestic carriers are expected to take delivery of dozens of previously stalled jets, including the 737 MAX and 777 freighters. The policy shift follows a broader agreement to ease aerospace tariffs. Bloomberg

U.S. foundations form united front as Trump targets tax-exempt status
America’s biggest philanthropic players — including the Gates, Ford, and Koch Foundations — are rallying together amid growing fears that Donald Trump could revoke their tax-exempt status. The move comes as the Trump administration actively explores ways to challenge nonprofit tax benefits and has already threatened Harvard University’s tax-exempt status. According to WSJ, major foundations are now holding strategy sessions and weighing legal defenses — individually and as a bloc — as they brace for potential federal scrutiny. The concern follows a January executive order directing agencies to identify up to nine major nonprofits, including those with over $500 million in assets, for potential investigation. “This is not a fight any of us is picking,” said John Palfrey of the MacArthur Foundation. “We just want to be left to do our jobs.” Losing tax-exempt protections could seriously limit these organizations’ funding — including for initiatives in Nigeria and global human rights programs. Wall Street Journal